Mutual Funds

Fund Details

Investment Objective

Investment Strategy

The Fund seeks to maintain substantial economic exposure to the performance of the commodities markets primarily by investing in a wholly-owned Cayman Islands subsidiary of the Fund (the Subsidiary). The Fund will not invest more than 25% of its total assets in the Subsidiary. The Fund’s portfolio of futures contracts will generally consist of the commodities futures contracts included in the SDCITR, in proportionally equal weights by notional amount as the SDCITR.

The Fund’s portfolio of futures contracts is reconstituted and rebalanced on a monthly basis to reflect the changing composition of the SDCITR. The Fund may also invest in other futures contracts well as derivative instruments. To collateralize its investments, the Fund, directly through the Subsidiary, will hold short-term U.S. government securities (e.g., Treasuries). In managing the collateral portion of the Fund’s investment strategy, the Fund’s Adviser will seek to at least match the return of the hypothetical investments used by the SDCITR to collateralize the component futures contracts, but may seek to enhance interest returns or increase portfolio liquidity by investing in money market instruments, investment grade fixed-income securities, cash, and cash equivalents.

About the SummerHaven Dynamic Commodity Index

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is a total return commodity sector index designed to broadly represent major commodities and reflect the performance of a fully margined and collateralized portfolio of exchange-traded commodities futures contracts. The SDCITR is based on the notion that commodities with low inventories tend to outperform commodities with high inventories, and that priced-based measures can be used to help assess the current state of commodity inventories.

The total return of the SDCITR is based upon the market price movements of its component futures contracts and the return on the hypothetical investments used to collateralize those futures contracts. At any time, the SDCITR is comprised of 14 commodity futures contracts, weighted equally by notional amount, selected each month based upon a universe of 27 eligible commodities futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy, Precious Metals, Industrial Metals, Grains, Livestock and Softs. The SDCITR is rules-based and reconstituted and rebalanced monthly.

*USCF Advisers, LLC (the “Adviser”) has contractually agreed to waive and/or reimburse fees or pay fund expenses in order to limit the Fund’s Total Annual Operating Expenses After Fee Waiver / Expense Reimbursements (excluding interest expenses, taxes, brokerage commissions, expenses that are capitalized in accordance with generally accepted accounting principles, expenses related to short sales, acquired fund fees and expenses, and extraordinary expenses) to 1.30% and 0.95% of the Fund’s average daily net assets for the Class A and Class I share classes, respectively. This agreement (the “Expense Limitation Agreement”) is in effect through October 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Limitation Agreement to the extent that the Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. The Fund will not be obligated to reimburse any such waived fees or expenses more than three years after the date on which the fees or expenses were waived or reimbursed. The Expense Limitation Agreement may not be terminated or modified prior to October 31, 2018 except with the approval of the Fund’s Board of Trustees (the “Board”).

‡ as of Prospectus dated .

The Fund's Commodity Holdings

The portfolio consists of listed futures contracts and other commodity-related investments and may consist of forwards and swap contracts. These investments will be collateralized by cash, cash equivalents and US government obligations with remaining maturities of two years or less.

Below are the eligible commodities that may comprise the Index on a monthly basis:

Crude Oil (Brent)

Crude Oil (WTI)

Gasoil

Heating Oil

Natural Gas

Unleaded Gasoline

Feeder Cattle

Lean Hogs

Live Cattle

Bean Oil

Corn

Soybeans

Soybean Meal

Wheat

Aluminum

Copper

Lead

Nickel

Tin

Zinc

Gold

Platinum

Silver

Cocoa

Coffee

Cotton

Sugar

For the month of January, the Benchmark Component Futures Contracts are:

Heating Oil APR19

Corn DEC19

Zinc MAY19

Unleaded Gasoline (RBOB) MAR19

Soybean Meal AUG19

Gold APR19

Natural Gas MAY19

Wheat MAR19

Cocoa MAR19

Feeder Cattle MAR19

Copper NOV19

Cotton MAR19

Live Cattle APR19

Tin APR19

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Performance

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The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The Adviser has entered into the Expense Limitation Agreement with the Fund under which the Adviser has agreed to waive and/or reimburse fees or pay Fund expenses in order to limit the Fund’s Total Annual Operating Expenses (excluding interest expenses, taxes, brokerage commissions, expenses that are capitalized in accordance with generally accepted accounting principles, expenses related to short sales, acquired fund fees and expenses, and extraordinary expenses) to 1.30% and 0.95% of the Fund’s average daily net assets for the Class A and Class I share classes, respectively.

The Fund's NAV is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Class A performance is calculated at NAV and assumes all dividend and capital gains distributions were reinvested. It does not take into account sales charges. If sales charges had been included in the calculation, performance would have been lower

†USCFX commenced operations on .

Growth of $10,000 Investment

The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the Class I shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Performance for other share classes will vary.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The growth of $10,000 is calculated for Class A shares at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges. If sales charges had been included in the calculation, performance would have been lower.

USCF is a registered service mark of United States Commodity Funds LLC. United States Commodity Funds LLC and USCF Advisers LLC are wholly owned limited liability companies of Wainwright Holdings, Inc.

ALPS Distributors, Inc., is the distributor for funds sponsored by the United States Commodity Funds LLC and funds that are series of the USCF ETF Trust and USCF Mutual Funds Trust and not affiliated with USCF Investments or Wainwright Holdings, Inc.

Shares of the funds that are exchange-traded products (ETPs) or exchange-traded funds (ETFs) are not individually redeemable and owners of any Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations of 50,000 or 100,000 Shares.

EXCHANGE TRADED PRODUCT DISCLOSURES

We advise you to consider a Fund's objectives, risks, charges and expenses carefully before investing. Download a copy of a Fund's Prospectus by clicking one of the following: which contains this and other information, or contact the Fund’s distributor at: ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203 or call 800-920-0259. Please read the Fund’s Prospectus carefully before investing.

USCI, USO, USL, USOU, USOD, BNO, UNG, UNL, UGA, and CPER are commodity pools regulated by the Commodity Futures Trading Commission. These Funds, which are ETPs, are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying benchmark over periods longer than one day. Due to the compounding of daily returns, returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For more on correlation, leverage and other risk factors, please read the prospectus.

USOU and USOD are new and have a limited operating history.

EXCHANGE TRADED FUND DISCLOSURES

We advise you to consider a fund's objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund's Prospectus by clicking one of the following: . Please read any Prospectus carefully before investing.

An investment in the USCF SummerHaven SHPEI Index Fund (BUY), USCF SummerHaven SHPEN Index Fund (BUYN) or the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) may not be suitable for all investors..

Investing involves risks, including loss of principal. The market value of shares of common stock can be volatile and change quickly. There is no guarantee that the fund's objective will be met. Fund concentration generally leads to greater price volatility. Foreign investing involves special risks such as currency fluctuations and political uncertainty. Investment in small companies generally experience greater price volatility.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

BUY, BUYN and SDCI shares are not individually redeemable. Individual investors must buy and sell BUY, BUYN and SDCI shares in the secondary market through their brokerage firm. Brokerage commissions may apply and will reduce returns.

BUY, BUYN and SDCI are new and have a limited operating history.

MUTUAL FUND DISCLOSURES

Investing in the Fund involves risks, including the possible loss of principal. The Fund is a new fund with limited operating history and may not attract sufficient assets to achieve its investment objective. Commodities contain a heightened risk including market and price movements that are outside the Fund’s control.

We advise you to consider the Fund's objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a Fund's Prospectus by clicking on the following: . Please read the Prospectus carefully before investing.

Past performance does not guarantee future results.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. An investor may lose all or substantially all of an investment. Investing in commodity interests subject each Fund to the risks of its related industry. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.